Commercial And Business Insurance Liability Plans

When it comes to finding the right business liability insurance, Colorado or in another state, it’s important to keep in mind that there are various types of coverage – there is no “one size fits all” approach. The sort of service your business provides and even its location will inform the choices a business owner must make when deciding the best plan for them.

Here are several classifications of business liability insurance in Colorado, and explanations of exactly who these policy types are geared toward:

No matter what the industry, all business owners should consider purchasing general liability insurance, since this type of insurance covers legal fees incurred as a result of injuries or accidents stemming from negligence or some other fault on the part of the business. General liability insurance also provides damages – so if a third party happens to incur either bodily injury or property damage as a result of actions performed by you or your employees, or resulting from use of your products, this policy will cover you. Keep in mind that even home-based businesses should have this type of policy.

Property insurance does just as its name describes: It protects your equipment, inventory, tools and facility in case of damage or vandalism. This type of policy will fall under one of two categories. All-risk policies cover the general risks faced by any small business, while peril-specific policies cover only that which is described in the policy and are purchased in instances where a high risk of peril is involved in the area in which the business is located. Not only does a policy protecting physical items come in handy, but it’s also a good idea to include a plan to cover business interruption/loss of earning. After all if fire or flood damage your equipment, it stands to reason that the business won’t be operational for a time.

If you manufacture products, then product liability insurance should be part of your overall plan. The level of coverage you purchase should be in relation to the types of products you manufacture. For example, a car manufacturer would need a higher level of coverage than a clothing manufacturer, as the former’s faulty product could potentially cause greater damage.

Service providers should purchase professional liability insurance coverage. You may also see this referred to as errors and omissions insurance. This type of insurance protects business owners against negligence, errors and malpractice. Some states require members of certain professions to carry this insurance; for example, physicians must carry malpractice insurance in order to practice in certain states.

Worker’s compensation is another requirement for all business owners with W2 employees. This covers wage replacement and medical benefits for employees who are injured on the job, and protects business owners from potential legal complications as employees who accept worker’s compensation benefits forfeit the right to sue their employer as a result of their injury. You may want to check the specific laws for Colorado insurance – and the penalties for not having any, as they can vary from state to state.

If your business is home-based, you may not realize that homeowner’s insurance generally won’t cover your business losses. Home-based business insurance will cover any extra business-related losses should this be the case.

business-liability-insurance-man-with-umbrellaIf you are looking to buy small business insurance, Colorado or within another state, or have specific Colorado insurance questions, it’s best to contact your representative for advice. But now that you’re a bit more well-versed in the common types of small business insurance in Colorado, you’ll be able to go into the conversation with some idea of the specific types of policies which apply to your situation.

The Importance Of Commercial Insurance

Small and medium sized businesses need help when it comes to managing risk, and this can be done with commercial insurance. These policies can help to protect the business and ensure long term growth. There are, unfortunately, many business which have collapsed due to lawsuits, where they lacked the right insurance. It is of paramount importance that modern businesses are fully covered, especially in the age of litigation.

There are numerous different aspects of insurance for businesses and the parts required will be based on the needs of the business, the industry, the state laws, and the customers served by the business. Business insurance can be very broad and range from covering product defects to employee injury.

There are also various insurance policies which are required by law. The requirements are based on the industry. For example, insurance is required for lenders and landlords. Having the right type of insurance, as well as the right amount of insurance, will help to avoid any problems.

Overall, commercial insurance is limited in both the range of liabilities covered, and the maximum amount in damages which is covered for each liability. Knowing the extend of, and the limit of each liability cover is vital as it may need to be expanded based on the growth of the business. This can be done with actions such as buying an umbrella, which increases the liability cover. It is best to speak to an insurance professional should the needs to of the business change.

Insurance in this category will cover actions such as property damage, bodily injury and injury caused by advertising. Many premiums also have certain exclusions which should be known before the premium is agreed to. An exclusion will reduce the number of liabilities covered by the policy.

The limits of an insurance policy are all interrelated, which can have consequences should multiple claims be made on a business. For instance, if one claim is paid for damages, then it will effect the limits on the rest of the policy. It should also be noted that the general commercial liability will remain the same regardless of the number of people claiming against the business.

There are some important factors to understand before taking out insurance. Of particular importance is the occurrence limit. This is the maximum amount of money that will be paid to any single claim based on medical payments and bodily damage. The general aggregate limit is also essential to understand, as this is the total figure that will be paid out for all the damages incurred across the entire insurance policy (during the period under contract). This means that should the total amount be met, the insurance company will not make any further payments on damages.

There are also a number of other categories, but those mentioned above are the most important to understand and discuss with an insurance professional. Seeking professional advice is always recommended as a means to obtain the correct level of coverage, and to have the maximum protection possible.

Understanding Workers Comp Insurance

When looking for workers comp insurance, it can be a minefield. There are now so many products and services in the marketplace that knowing what is best can take lots of research and effort. As such, this article is going to cover the key points to look for when deciding on insurance. After reading this article, the various products should become clearer.

Note that there are certain states that require, by law, employers to have workers compensation insurance, even if they have just one employee. This should be noted and then checked to ensure that the business avoids any expensive fines.

Here are some of the important considerations to make when looking:

Competitive pricing - obviously, this will be high on the list of priorities when it comes to searching for this type of insurance. With so many insurance companies competing in the marketplace, it makes sense to shop around and look for premium discounts and policy dividends, amongst other perks. Search for offers at certain times of the year, as this is when the insurance companies are most competitive.

Cash flow assistance - this is something that is overlooked but it is important if money is tight, and a budget needs to be adhered to. Look for flexible payment plans and companies that offer low minimum payments. This criteria will be based on the individual situation and needs, but match companies based on similar packages offered to get a fair comparison.

Efficient claim handling - should a claim need to be made, the faster, and more efficient the process, the better. In terms of specifics, inquire into how many people will need to be contacted and who deals with such claims. A long, convoluted process is the worst possible experience when a claim is made.

Easy to contact support staff - finding the lowest cost workers comp insurance can often be the worst choice, as they fail to provide good a support system. In such cases, the low cost is a false economy and should be avoided in favor of more professional companies. The ability to contact support staff and have an easy-to-use system is important to clarify premiums, and especially when making a claim.

Health care – find those with a good reputation for working with healthcare providers to promote fast and high quality care.

Where to purchase insurance - insurance can be purchased via an agent or a broker licensed to provide and write policies in the state. The list can be found on the local government website. It is also worth checking with local trade groups as they are usually able to negotiate a special rate for their members.

When looking for insurance companies, always check the reputation of the firm in question. Find those with a track record in the industry and those that place importance on financial stability and fast, efficient claims handling. These are very important factors, and should come ahead of simply finding the cheapest premium available.